乐观情绪降温，煤焦继续调整

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - On August 14, the coke main contract closed at 1,707 yuan/ton, with an intraday decline of 4.32%. The spot market's sixth round of price increases for coke has been implemented, and the optimistic atmosphere continues. The supply and demand of coke are basically stable recently, and the supply of coking coal at the cost end is subject to repeated disturbances. The coke futures have pulled back again at the 1,750 yuan/ton level. It is expected that the coke main contract will maintain range - bound trading in the near future [5][32]. - On August 14, the coking coal main contract closed at 1,214 points, with an intraday decline of 6.25%. The anti - involution policies in the coal industry are being gradually implemented. As the futures price returns to a high level, market competition has increased. It is expected that coking coal will maintain range - bound trading in the short term, and the key lies in whether the anti - involution rectification will have a long - term and significant impact on coking coal supply [6][33]. 3. Summary by Relevant Catalogs Industry News - In early August 2025, key steel enterprises produced 20.74 million tons of crude steel, with an average daily output of 2.074 million tons, a 4.7% increase in daily output compared to the previous period; 19.14 million tons of pig iron, with an average daily output of 1.914 million tons, a 3.2% increase in daily output; and 20.05 million tons of steel, with an average daily output of 2.005 million tons, a 4.1% decrease in daily output [8]. - On August 14, Mongolia's ETT Company conducted an online auction of coking coal. The starting price of Meng 5 clean coal was 119.6 US dollars/ton, and all 19,200 tons of the listed quantity were sold at a transaction price of 131.9 US dollars/ton, a decrease of 8.4 US dollars/ton from the previous day [9]. Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port, quasi - first - grade flat - price) | 1,470 yuan/ton | 0.00% | 3.52% | - 13.02% | - 20.11% | | Coke (Qingdao Port, quasi - first - grade ex - warehouse) | 1,480 yuan/ton | 4.23% | 5.71% | - 8.64% | - 13.95% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 1,190 yuan/ton | 3.48% | 3.48% | 0.85% | - 16.20% | | Coking Coal (Jingtang Port, Australian - produced) | 1,560 yuan/ton | 2.63% | 4.70% | 4.70% | - 12.85% | | Coking Coal (Jingtang Port, Shanxi - produced) | 1,630 yuan/ton | - 1.21% | - 1.21% | 6.54% | - 11.89% | [10] Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,707.0 yuan/ton | - 4.32% | 1,752.0 yuan/ton | 1,679.5 yuan/ton | 31,744 | - 3,933 | 37,673 | - 1,034 | | Coking Coal | | 1,214.0 points | - 6.25% | 1,256.5 points | 1,192.5 points | 2,526,893 | - 157,706 | 660,629 | - 24,908 | [13] Relevant Charts - The report provides charts on coke inventory (including 230 independent coking plants, port, 247 steel - mill coking plants, and total coke inventory), coking coal inventory (including mine - mouth, port, 247 sample steel - mill coking coal inventory, and all - sample independent coking plants), and other charts such as Shanghai terminal wire rod procurement volume, domestic steel - mill production, coal - washing plant production, and coking plant operation [14][20][26] Market Outlook - Coke: The main contract is expected to maintain range - bound trading in the near future due to the stable supply - demand situation and cost - end disturbances [5][32]. - Coking Coal: It is expected to maintain range - bound trading in the short term, and the key lies in the long - term impact of anti - involution rectification on coking coal supply [6][33].